Dear Trader…
Indian equity benchmarks continued their weak trade in today session amid heightened uncertainty surrounding Ukraine and surging crude oil prices kept investors on edge. Sentiments were impacted as higher crude prices will fuel already escalating inflation across economies. India meets it 80 percent of its oil requirement through imports and rising prices will not only fan inflation but will also result in a worsening of current and fiscal deficit.
Traders were also eyeing Federal Reserve Chair Jerome Powell’s semiannual hearing at House Committee on Financial Services, which begins on Wednesday. Investors will be watching closely for his comments on potential rate hikes, as market expectations for hikes this year has eased slightly since Russia's invasion. Investors’ shrugged off report stating that Indian manufacturing sector continued to expand in February, with the sector's manufacturing Purchasing Managers' Index (PMI) rising to 54.9 from 54 in January. A reading above 50 indicates expansion in activity, while a sub-50 print is a sign of contraction.
Nifty futures opened at 16595.00 points against the previous close of 16794.25 and opened at a low of 16468.00 points. Nifty Future closed with an average movement of 210.00 points and a decline of around 149.40 points and 16644.85 points...!!
On the NSE, the midcap 100 index will decline 0.02% and smallcap 100 index is closing rise 0.50%. Speaking of various sectoral indices, the NSE saw gains in only Metal and Media stocks, while all other sectoral indices closed lower.
At the start of intra-day trading, February gold opened at Rs.50800, fell from a high of Rs.52797 points to a low of Rs.50800 with a decline of 1836 points, a trend of around Rs.52215 and March Silver opened at Rs.64737, fell from a high of Rs.68097 points to a low of Rs.64737, with a decline of 2560 points, a trend of around Rs.67145.
Meanwhile, The Finance Ministry has said that Goods and Services Tax (GST) collections grew 18 per cent to over Rs 1.33 lakh crore in February 2022 even as the Omicron wave dented the month-on-month collection momentum. This is for the fifth time in the current fiscal (FY22) that the GST collection has crossed Rs 1.30 lakh crore mark. Also, this is the first time, cess collection has crossed the Rs 10,000 crore mark, signifying recovery in certain key sectors, especially automobile sales. The GST revenues had hit a record high of Rs 1,40,986 crore in January.
The ministry said the gross GST revenue collected in February 2022 is Rs 1,33,026 crore of which Central GST is Rs 24,435 crore, State GST is Rs 30,779 crore, Integrated GST is Rs 67,471 crore (including Rs 33,837 crore collected on import of goods) and cess is Rs 10,340 crore (including Rs 638 crore collected on import of goods). The revenues for February 2022 are 18 per cent higher than the GST revenues in the same month last year and 26 per cent higher than in February 2020. During the month, revenues from import of goods were 38 per cent higher, and that from the domestic transaction are 12 per cent higher than the year-ago period.
Technically, the important key resistances are placed in Nifty future are at 16707 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 16737 – 16808 levels. Immediate support is placed at 16474 – 16404 levels.
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